Private company is another legal entity form, which is quite widespread in Ukraine.
Its benefits are:
The founders define the principles and governance mechanisms of the private company themselves
The founders are responsible for legal obligations of a private company within the limits of their contribution to its statutory fund
There is no legal requirement for the minimum amount of the statutory fund
Corporate activity can be conducted solo or with employees
Company owner governs it himself
The downsides of a private company are:
There is no specific law which would regulate the activity of a private company. Therefore, everything has to be set in its statutes
A private company has to be registered
When registering a private company, you will have to choose several activities which your company will conduct. One of them is your main activity and the rest - additional.
You will have to declare your profits and pay taxes - you can choose which tax system will be applicable to your company.
A private company will have to make contributions to the pension fund - it will be necessary to go there personally and fill in a number of forms.